WHITNEY, Texas (WFAA) -- It's a jaw-dropping cliffhanger that is now being resolved. A home dangerously dangling on the edge of a cliff in a Lake Whitney subdivision has been set on fire.

Earlier this week the cliff the house sits on gave way underneath. Part of the house actually fell to the lake below a short time later. A giant crack first appeared in April, and the homeowners were told to move out.

Appraised at more than $700,000, the home was built in 2008 and was bought by Rob Webb and his wife in 2012.According to Webb, who is now in Florida dealing with a personal issue, the home was inspected before it was purchased.

"It's like, 'Is that really my home? Or is that something else that you're watching on TV?' And then you're like, "Good grief, that is my home,'" Webb said. "Yeah, it's a trying time, certainly."

Webb also said he and his wife purchased home insurance, but they just found out it doesn't cover earth movement. It is unclear how much the demolition will cost, but Webb is picking up the bill.

The homeowner said he spent his retirement savings on the home and is devastated.

The Hill County Sheriff's Office will be providing security around the fire, and local fire departments are standing by to ensure everything goes safely.